Asset Class Review

by Michael Armitage August 25, 2020

This article is co-authored by Tim Johnston, Managing Director of Apollo Capital and Michael Armitage, Principal of Fundlab Markets are fascinating. The current macroeconomic backdrop is especially interesting. Not only are we in the middle of a decades-long global money printing experiment, we are in the middle of a severe global pandemic that threatens the […]

Investing in Crypto Assets: Apollo Capital vs DIY

by Tim Johnston July 9, 2020

Investors can invest in crypto assets in a number of ways. Historically, the only option has been a DIY approach. More recently, as institutions enter the market, structured investment options have appeared, including Apollo Capital. We have analysed the advantages and disadvantages of each approach. While we won’t pretend our conclusion is not biased, we […]

On Crypto Correlations and DeFi Breaking

by Henrik Andersson June 23, 2020

Sometimes we hear that crypto assets are highly correlated and therefore asset selection has little impact. We couldn’t agree less. While correlations might be high for hourly or weekly time frames, if you’re an investor over weeks, months or years — the assets you have exposure to will matter enormously. Let’s look at the data. On Feb […]

Investment Highlight: Ren Project

by Henrik Andersson June 9, 2020

The RenVM recently went live on mainnet, providing access to inter-blockchain liquidity for all decentralized applications. Bringing BTC, BCH and ZEC to Ethereum. Ren Project is bringing Bitcoin to Ethereum. This week, I interview Ren Project’s CTO Loong Wang. In the interview we cover: The history of Ren Project and how Loong Wang initially got […]

Decentralised Finance

by Tim Johnston June 2, 2020

A great deal of traditional finance includes standardised contracts administered by a middleman. In the early days, these contracts were paper-based and not standardised. A middleman was required to administer these contracts. Today, with the advances in computer technology, a number of the middleman’s functions are automated. Yet, large parts of existing financial infrastructure remains […]

Crypto Asset Valuation Revisited

by Henrik Andersson April 28, 2020

Excitingly, valuation of crypto assets are starting to look more and more like traditional cash flow valuation, especially with the rise of what we call Work Tokens. This is a follow-on to our earlier piece A New Crypto Valuation Framework We find that most crypto assets falls in one of several of the below categories. […]

Central Bank Digital Currencies

by Tim Johnston April 7, 2020

What are Central Bank Digital Currencies? Central Bank Digital Currencies (CBDCs) are digital fiat currencies issued directly by central banks. The crucial distinction between digital fiat currencies and the digital currency in our bank accounts appears to be how they are issued. In the former, only commercial banks and certain financial institutions can hold electronic […]

Crypto Correlations & Coronavirus

by Tim Johnston March 24, 2020

Crypto assets are unlike any other asset class. They are unique, independent and are largely driven by a different investor-base. In theory, crypto assets should not correlate with other assets like equities and bonds. The data backs up this theory, most of the time. Crypto assets have not been tested in a broad-based market sell […]

Macro Update

by Henrik Andersson March 17, 2020

In February we wrote about how the Other Locations graph form the Johns Hopkins University dashboard is the most consequential graph in the world. Unfortunately it still is growing exponentially. COVID-19 cases outside China. The consequence of the lockdowns following the spread of the virus has lead central banks around the world to take unprecedented […]

The Race for Decentralisation

by Henrik Andersson March 10, 2020

There is currently a race for decentralisation going on in the crypto industry. The reasons are multifold, but at the core is the key value proposition of blockchains: the ability for them to be trustless, permissionless and censorship resistant ultimately hinges on decentralisation. More specifically, let’s look at decentralisation for two pressing reasons: security and […]